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1. When a client understands what dual agency is and agrees in writing to allow a firm to act as a dual agent for them in a real estate transaction, this is known as ________.
A) Double dipping
B) Mutual agreement
C) Representation by proxy
D) Informed consent
2. When registering a business, which of the following is a correct requirement for naming the business?
A) They must use a business name, which may not be their own name.
B) They must use their own name in combination with a nickname.
C) They must use their own name or their own name in combination with a registered business name.
D) They must use their own name only.
3. What happens when a married couple who owns a property as tenants by the entirety divorce?
A) The one who records title first gets the property.
B) Their ownership rights terminate.
C) Their ownership changes to tenants in common.
D) They become joint tenants with right of survivorship.
4. What are PCBs?
A) A substance resulting from the decay of uranium
B) Chemical compounds used in cooling and insulating, mainly in electrical transformers
C) A chemical compound that occurs naturally in the environment
D) A substance that grows due to moisture problems
5. Which of the following best describes the concept of appreciation?
A) When the value of a property increases over time.
B) When losses are deducted from a property's value for tax purposes.
C) When the value of a property decreases over time.
D) When a property's value increases as a result of capital improvements.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: A |
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